Apartment Building Insurance
Multi-family living in an apartment complex can have its rewards for the residents but for the apartment building owner it carries a lot of responsibility.
One of these responsibilities is the maintenance of an adequate commercial apartment building insurance policy. In the event of a covered loss the apartment building owner not only loses the property he or she has worked so hard to own but there goes their source of income if a loss leaves the housing uninhabitable and the rents stop coming in.
Aside from the usual covered perils of fire, wind damage, vandalism and malicious mischief, water damage and explosion damage to the building there are several endorsements you need to look to for the building coverage.
Hollywood Apartment Building Insurance
Incorporated into the apartment building owner insurance policy is coverage for your loss of rents. Ideally, this should cover a period of 25 months. Most apartment building owner insurance policies only provide coverage for 12 months but this can usually be increased for a slight additional premium. Any general contractor will tell you a 12 month period to get your building repaired or rebuilt is not enough time unless the damage is very minor and building permits do not have to be pulled. Always request the maximum period of indemnity you can buy when it comes to your loss of rents.
Another important need that is often overlooked is the cost to replace detached exterior signs, appliances that are included in the rental unit such as stoves, refrigerators and dish washers. In addition to that you might have to replace carpeting or flooring or window treatments.